The Ontario vehicle-parts manufacturer said longtime president Jim Jarrell will take over as chief executive, effective immediately. He replaces Linda Hasenfratz, who will continue as executive board chair, where she will continue working on cost-reduction measures. The company said second-quarter sales rose 11.6 per cent from the same period last year and normalized diluted earnings per share rose 17.2 per cent, as it grew its market share. (The Logic)

Talking point: Despite the earnings growth, Linamar’s shares fell as much as 5.67 per cent on Friday, before recovering to close down about one per cent on the Toronto Stock Exchange. CIBC analysts said they are confident in the management change, but cut their price target for the firm amid “the deterioration in industry expectations for autos.” On an earnings call Thursday evening, Hasenfratz said the firm does not foresee a turnaround for the wider EV sector yet, as the industry embraces hybrids. The company is re-allocating its resources accordingly, she said. “The next decade will be a bit up and down. We need to stay super flexible and be ready to pivot.”